Dubai's Crypto Adoption Goes Full Throttle with Bybit Partnership

Dubai’s Crypto Adoption Goes Full Throttle with Bybit Partnership

Bybit, a well-known global cryptocurrency exchange, has partnered with Dubai Multi Commodities Centre (DMCC) to boost the growth and adoption of cryptocurrency and Web3 in Dubai. This collaboration marks a significant milestone in Dubai’s journey towards embracing digital currencies. 

On April 17, Bybit made an announcement about establishing its global headquarters in Dubai and hinted at upcoming localization initiatives in the region. The agreement has now confirmed those plans. 

The Bybit Partnership

In this partnership, Bybit has been designated as an official Ecosystem Partner for the DMCC Crypto Centre, the MENA region’s largest assemblage of Web3 and crypto firms, as a result of their collaboration. Bybit and DMCC have taken it a step further by signing a Memorandum of Understanding (MOU).

The purpose of this memorandum is to support the advancement of the cryptocurrency industry in the region. Bybit has committed to providing financial aid worth 500,000 AED to support the growth of 15 new Web3 startups at the DMCC Crypto Centre. The eligibility criteria for these ventures include compliance with the DMCC’s due diligence standards.

This partnership represents a significant step towards embracing digital currency in Dubai. Bybit’s expertise in the cryptocurrency sector, combined with DMCC’s support, is set to create a more favorable environment for crypto businesses in the area. Additionally, the collaboration seeks to promote the adoption of Web3, the next evolution of the internet that is anticipated to revolutionize our interaction with technology.

Dubai’s Regulatory Crypto Measures 

Dubai has recently put in place a regulatory framework for digital assets that includes licensing prerequisites for issuers and providers of digital assets. The main goal of this framework is to attract companies that are seeking regulatory clarity and it is supported by four compulsory rulebooks for service providers, as well as seven rulebooks that delineate stipulations based on the nature of the service rendered.

The DFSA has also established a set of regulations for investment tokens and acknowledged crypto tokens. The regulatory framework for recognized crypto tokens was implemented by the DFSA on November 1, 2022. In December of 2021, it was revealed that the Dubai World Trade Centre (DWTC) would function as a crypto zone and oversee the regulation of cryptocurrencies and other virtual assets.